Brexit day is here, but the UK is not leaving yet

The Brexit will be effective as of January 31, 2020 and after that date the UK will no longer be part of the EU. This will have effect on doing business and transporting goods from and to the UK, but not until January 1, 2021. During 2020 there is a transitional period in place in which the UK and the EU will (try to) negotiate a deal.

This means that in 2020 nothing will change in relation to trading goods between the EU and the UK. The UK will stay part of the Customs Union during 2020, there will be no customs duties due on any movements of free goods between the UK and the EU. For VAT the current simplifications and special procedures such as triangulation, intra EU trade of goods with the UK, the VAT margin scheme, MOSS and intra-EU VAT recovery via the portal will remain for this period.

The Baker Tilly member firm in the UK prepared the flyer attached with the latest updates.

If you have any questions, please contact Marisa Hut or Barthold Bergman of VAT & Customs Advisory for more information. They are pleased to assist you.